2020 Investor Day November 17, 2020 Forward Looking Information and Non-GAAP Measures

2020 Investor Day November 17, 2020 Forward looking information and non-GAAP measures

This presentation includes certain forward looking information, including future oriented financial information or financial outlook, which is intended to help current and potential investors understand management’s assessment of our future plans and financial outlook, and our future prospects overall. Statements that are forward-looking are based on certain assumptions and on what we know and expect today and generally include words like anticipate, expect, believe, may, will, should, estimate, intend or other similar words. Forward-looking statements do not guarantee future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to our business or events that happen after the date of this presentation. Our forward-looking information in this presentation includes statements related to future dividend and earnings growth and the future growth of our core businesses, among other things. Our forward looking information is based on certain key assumptions and is subject to risks and uncertainties, including but not limited to: our ability to successfully implement our strategic priorities and whether they will yield the expected benefits, our ability to implement a capital allocation strategy aligned with maximizing shareholder value, the operating performance of our pipeline, power and storage assets, amount of capacity sold and rates achieved in our pipeline businesses, the amount of capacity payments and revenues from our power generation assets due to plant availability, production levels within supply basins, construction and completion of capital projects, cost and availability of labour, equipment and materials, the availability and market prices of commodities, access to capital markets on competitive terms, interest, tax and foreign exchange rates, performance and credit risk of our counterparties, regulatory decisions and outcomes of legal proceedings, including arbitration and insurance claims, our ability to effectively anticipate and assess changes to government policies and regulations, including those related to the environment and COVID-19, competition in the businesses in which we operate, unexpected or unusual weather, acts of civil disobedience, cyber security and technological developments, economic conditions in North America as well as globally, and global health crises, such as pandemics and epidemics, including COVID-19 and the unexpected impacts related thereto. You can read more about these factors and others in the MD&A in our most recent Quarterly Report and in other reports we have filed with Canadian securities regulators and the SEC, including the MD&A in our most recent Annual Report. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. This presentation contains reference to certain financial measures (non-GAAP measures) that do not have any standardized meaning as prescribed by U.S. generally accepted accounting principles (GAAP) and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures may include Comparable Earnings, Comparable Earnings per Common Share, Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA), Funds Generated from Operations, and Comparable Funds Generated from Operations. Reconciliations to the most directly comparable GAAP measures are included in this presentation and in our most recent Quarterly Report to Shareholders filed with Canadian securities regulators and the SEC and available at www.tcenergy.com. Strategic Overview Russ Girling President and Chief Executive Officer Successful long-term strategy driven by…

• A consistent approach to capital allocation that emphasizes financial strength and flexibility • A focus on long-term industry fundamentals when making investment decisions • A low-risk business model that produces results during all phases of the economic cycle • A network of high-quality, long-life assets that provide a significant competitive advantage • A demonstrated ability to adapt to a constantly changing world

Delivering the energy people need, every day. Safely. Responsibly. Collaboratively. With integrity. Proven capital allocation framework delivers results

Critical energy infrastructure assets generate long-term cash flows

Invested Returned in complementary to shareholders low-risk assets through growing dividends

Produced double-digit average annual total shareholder return since 2000 Invested ~$110 billion in three core businesses since 2000 2000: $20 billion total assets 2020: $102 billion total assets

Comparable EBITDA* outlook $9.3 Billion**

*Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. **Represents consensus estimate values. Capital investment has created significant value

Dollars Dollars

7% 5% CAGR CAGR

Substantial growth in earnings and cash flow per share *Comparable earnings per common share and comparable funds generated from operations per common share are non-GAAP measures. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. **2020E represents consensus estimate values. Low-risk business model has consistently produced results

COVID-19 and OPEC+ Dollars developments Supported by MLP Oil price distress  Strong business fundamentals collapse  Regulated assets Financial Shale crisis revolution  Long-term contracts IPP  downfall Limited commodity exposure  Creditworthy counterparties  Simple corporate structure  Conservative dividend payout ratios

Resilience through all phases of the economic cycle *Comparable earnings per common share and comparable funds generated from operations per common share are non-GAAP measures. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. **2020E represents consensus estimate values. Twenty consecutive years of common share dividend increases

7% CAGR

Supported by growth in earnings and cash flow and strong coverage ratios Performance has resulted in significant share price appreciation

Dollars Common share price - TSX

12 per cent average annual total shareholder return since 2000 Source: FactSet data from January 1, 2000 to November 10, 2020 Superior total shareholder return

Per cent

985%

261% 237%

Significantly outperforming the market

Source: FactSet data from January 1, 2000 to November 10, 2020 A leading North American energy infrastructure company

One of 93,300 km (57,900 mi) of pipeline North America’s largest 653 Bcf of storage capacity natural gas pipeline Transports ~25% of demand networks

Premier 4,900 km (3,000 mi) of pipeline liquids pipeline 590,000 Bbl/d system Transports 20% of WCSB exports

One of Canada’s largest 7 power plants private sector 4,200 MW power generators Primarily long-term contracted assets

Delivering the energy people need, every day 2020 Accomplishments

Continued to reliably deliver essential energy services across North America • With few exceptions, flows and utilization levels remain in-line with historical norms Generated near record financial results through the first nine months • Comparable earnings of $3.05 per common share Advanced our industry-leading $37 billion secured capital program • Placed $3.1 billion of growth projects into service through September Significant steps taken to fund our capital program and strengthen our financial position • Enhanced liquidity by more than $11 billion through various activities Full year 2020 outlook is essentially unchanged as a result of our low-risk business model • ~95% of comparable EBITDA generated from regulated assets and/or long-term contracts Demonstrated leadership in sustainability in our business • Ten new commitments support the United Nations Sustainable Development Goals

Substantial progress being made on strategic priorities ESG highlights

Environment Social Governance

Methane Guiding Principles $10 billion in direct economic 29% Board Members are female Signatory value distributed with 30% target

75% emission-less power $690+ million spent with Investing over $1 billion annually portfolio Indigenous businesses in 2019 in pipeline integrity and 2020

Undertaking due diligence for 40% women and 17% visible Published our 2020 Sustainability GHG emissions targets in 2021 minorities in leadership by 2025 Report and ESG Data Sheet Our Leadership Team

Don Marchand François Poirier Executive VP, Strategy & Russ Girling Chief Operating Officer and President, Corporate Development President and Chief Executive Officer Power & Storage and Chief Financial Officer

Stan Chapman Executive VP and President, 2.50 Wendy Hanrahan Corey Hessen U.S. and Mexico Natural2.26 Gas Pipelines Executive VP, Corporate Services Senior VP, Power & Storage

Tracy Robinson Patrick Keys Executive VP and President, Leslie Kass Executive VP, Stakeholder Relations Canadian Natural Gas Pipelines Executive VP, Technical Centre and General Counsel and President Coastal GasLink

Bevin Wirzba Executive VP and President, Liquids Pipelines Strategic Overview François Poirier Chief Operating Officer and President, Power & Storage Energy transition will create opportunities

• Energy demand is expected to grow with oil and natural gas an important part of the global fuel mix

• Energy transition will take time, requiring technological breakthroughs and cooperation amongst stakeholders

• Government policy will help shape the future

• Substantial capital investment will be required

• This will create significant opportunities for TC Energy given our expertise, stakeholder relationships and financial capacity

Our assets remain critical to the North American economy Key strategic priorities

Delivering energy safely and reliably, every day

Maximizing value of our existing assets

Executing secured capital program on-time and on-budget

Advancing portfolio of low-risk growth opportunities

Maintaining our financial strength and flexibility

Cultivating strong working relationships with stakeholders

Responding quickly to changing market signals and signposts Continue to deliver superior long-term shareholder returns Global primary energy demand outlook through 2040

*mtoe

Natural gas demand grows by ~1,000 mtoe

Oil demand grows by ~300 mtoe

Renewables demand grows by ~1,680 mtoe

Over 50% of demand fulfilled by natural gas and oil through 2040

Source: International Energy Agency, World Energy Outlook 2020, Stated Policies Scenario North American energy outlook through 2040

North American Natural Gas North American North American Demand and LNG Exports Liquids Production Power Capacity Bcf/d MBbl/d GW

2019 2030 2040

*Includes bioenergy, geothermal and other Source: Natural Gas Demand and LNG Exports - TC Energy Forecast 2020, Liquids Production and Power Capacity –International Energy Agency, World Energy Outlook 2020, Stated Policies Scenario Well positioned to succeed as the energy landscape evolves

Our extensive network of critical energy infrastructure assets will be used for decades

Base business will continue to generate significant opportunities

New prospects will unfold as the world transitions to a lower carbon future

We are in the business of developing energy delivery systems that people need

While adhering to our low-risk preferences Extensive asset footprint is a strong competitive advantage

Canadian Mainline is a critical NGTLSystem is uniquely conduit to eastern markets positioned over 1,383 Tcf of WCSB natural gas resources

Bruce Power generates ~30% of Ontario’s power

Keystone corridor provides a direct link to world’s largest Columbia Gas has an incumbent heavy oil refining market position over 1,470 Tcf of Appalachian natural gas resources

U.S. Natural Gas Pipelines connect Mexico Natural Gas Pipelines abundant supply to key markets forming backbone of country’s infrastructure

Leveraging seven critical energy infrastructure platforms for in-corridor growth Advancing $37 billion secured capital program

$22 billion of Natural Gas Pipelines projects • Connecting abundant, low-cost supply in the WCSB and Appalachia to premium markets • Reinforced by cost of service regulation and/or long-term, take-or-pay contracts

$13 billion of Liquids Pipelines projects • Connecting the world’s third largest oil reserves to the world’s largest refining market • Supported by 20-year take-or-pay contracts

$2 billion of Power and Storage projects • Supplying ~30% of the Ontario market with emission-less power • Underpinned by a contract with the Ontario IESO that extends to 2064

Across our three core businesses in North America Comparable EBITDA* outlook 2015-2024E

$Billions

8% 12+ CAGR Power & Storage 2024+

• Bruce Power refurbishments 9.3 Liquids Pipelines 9% • Traditional replenishment of CAGR project portfolio Mexico Natural • Executable in-corridor Gas Pipelines expansions 5.9 • Considerable opportunity U.S. Natural Gas set across the energy mix Pipelines • Operational enhancements

Canadian Natural Gas Pipelines

Poised to deliver significant growth with notable improvement in quality *Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. Vast opportunity set the backdrop for continued disciplined growth

Unparalleled demand for infrastructure under all energy mix scenarios Today’s needs Low-carbon future

Projects under Electrification Bruce Power MCR development of fleet and AM programs $37 billion Highly-executable Renewables building on Secured in-corridor expansions LNG feedstock proven wind, solar and Capital hydro capabilities

program Recoverable Firming resources Emerging maintenance capital including pumped storage technologies*

Screening factors • Fundamentals • Risk preferences • Organizational • ESG • Appropriate capabilities &  • Capital attraction returns executability Compelling suite of investment prospects aligned with established capabilities, risk preferences and return requirements * Hydrogen, carbon capture, utilization and storage, small modular reactors, batteries Dividend growth outlook

8-10% anticipated in 2021 5-7% $3.24 Expected growth per annum 2021+ 7% CAGR • $37 billion secured growth program • Robust development portfolio • Irreplaceable asset footprint driving in-corridor expansions • Deep capabilities and proven origination abilities • Growth rate will depend on project $0.80 mix, cadence and execution

• Legacy of strategic inorganic growth with effective integration, but never budgeted for

Supported by expected growth in earnings and cash flow and strong coverage ratios Strategic Overview Canadian Natural Gas Pipelines Tracy Robinson Executive Vice-President and President, Canadian Natural Gas Pipelines Natural Gas Pipelines system overview

High-quality pipeline 93,300 km (57,900 mi) of network cannot be natural gas pipelines replicated 653 Bcf of storage capacity WCSB Access to abundant, Assets on top of two of the cost-competitive most prolific, low-cost supply basins in North America

Connectivity to Delivers ~25% of key markets continental demand Appalachian Basin Growing demand driven by global LNG and continental power generation

Unparalleled footprint is a competitive advantage

GTN, Tuscarora, North Baja, Bison, Northern Border and Portland interests, together with 46% of Great Lakes and 49% of Iroquois, are held within TC PipeLines, LP, of which TC Energy’s ownership is approximately 25% North America’s major supply basins

WCSB 2019 - 1,383 Tc f • Technology changes led to the discovery of 2007 - 165 Tc f clean and abundant natural gas supply

Appalachia • Natural gas production costs fell significantly 2019 - 1,470 Tc f 2007 - 95 Tc f • Infrastructure builds adapted to the rapidly Rockies & San Juan changing supply dynamic 2019 - 631 Tc f 2007 - 354 Tc f

Mid-Con & Permian Resource (Tcf) 2007 2019 Change 2019 - 781 Tc f 2007 - 311 Tc f Canada 165 1,383 +700% United States 1,147 3,496 +200% Gulf Coast 2019 - 614 Tc f 2007 - 387 Tc f

Resource estimate 100+ years of supply available at 2019 current production rates 2007 Source: US Potential Gas Committee and NRCan North American natural gas fundamentals through 2040

+43 Bcf/d Growth primarily driven by power +45 Bcf/d Growth primarily from the WCSB, generation and LNG exports +45 Bcf/d Appalachianand Permian basins

Bcf/d North American demand Bcf/d North American supply

+43 BCF/d

Underscores the need for significant new energy infrastructure Source: TC Energy Forecast 2020 Canadian Natural Gas Pipelines system overview

NGTL, Canadian • ~39,800 kmof pipeline Mainline and • Connects WCSB to five North Foothills systems American markets: NIT, Dawn, California, U.S. Northeast and Chicago

Coastal GasLink • 670 km of pipeline from Dawson Creek to LNG Canada • Connects WCSB to global LNG markets

Diversified assets • Provides competitive access for WCSB with unparalleled natural gas connectivity • Dominant footprint within Alberta and Eastern Triangle • $10.5 billion of secured growth from 2020 to 2023+ • Network provides ongoing investment opportunities Connecting advantaged WCSB basin to key markets 2020 Accomplishments

Placed $3.1 billion of capital projects in service to date

Achieved long-term settlements with customers on the NGTL System and the Canadian Mainline

Capacity Optimization Open Season resulted in benefits for customers and the NGTL System while affirming need for capacity

Coastal GasLink construction continues to advance: 31% overall progress* achieved

Identified over $1 billion of Indigenous business opportunities with over 85% awarded

Safely and sustainably advancing long-term strategic priorities

*Includes all engineering, procurement and construction activities Demand for Canadian gas is growing and WCSB is competitive

Significant growth between 2020 and 2040 +9 +50 of supply under $1.00/GJ break-even cost • Driven primarily by LNG exports, at current production rates Bcf/d oil sands and power generation years Demand for Canadian natural gas Bcf/d $/GJ (NIT)

Natural gas remains a crucial and growing component of the energy mix

Source: TC Energy Forecast 2020 and analysis Expanding market access for WCSB natural gas NGTL System Increasing access to supply +$9.9B and market Canadian Mainline Increasing connectivity into the +$0.4B Eastern Triangle Coastal GasLink Providing connection to +$0.2B* international markets

• Supporting Alberta’s transition from coal to natural gas-fired generation, reducing GHG emissions by 30% • ~10% of total installed compressors are electric • Offset 700,000 tonnes (10% of total emissions) of CO2e through carbon credits $10.5 billion capital program will increase WCSB delivery capacity by nearly 40% *On May 22, 2020, we sold a 65 per cent equity interest in Coastal GasLink and began to account for our remaining 35 per centinvestment using equity accounting. For more information please see the most recent quarterly report. Average investment base and net income outlook*

Average investment base Net income $Billions $Billions 8% CAGR8% 8% CAGR CAGR

Well positioned for continued long-term growth *See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. Future growth opportunities Near term Medium term Long term

Increase connectivity Leverage network for growth Position footprint for the future Attract volumes in the Montney Coal-to-gas switching in Alberta power ~3,800 MW of natural gas region, improving access to supply sector compression could be converted to electric compression Develop LNG transportation services Enhance LNG connectivity on east and connected to existing infrastructure west coasts of Canada Evaluate transportation of alternative fuels such as renewable Seek opportunities to lower Pursue Canadian Mainline capacity natural gas and hydrogen emissions from current operations expansions in market regions Continue to support oil sands growth

Leveraging existing asset footprint and expertise to capture next wave of growth Looking ahead

Operate safely and Leverage existing Advance secured growth Capture additional reliably, every day infrastructure and projects on time and growth opportunities right-of-way on budget along existing corridor

Reduce emissions from Optimize the capital and Position our business to our operations operating costs required Progress relationships adapt to a changing to deliver natural gas with our stakeholders energy landscape

De-risk the business Explore transporting where appropriate lower emission fuels

Delivering Maximizing Executing Cultivating

Serving the WCSB and positioning our assets for the future Canadian Natural Gas Pipelines Tracy Robinson Executive Vice-President and President, Canadian Natural Gas Pipelines U.S. and Mexico Natural Gas Pipelines Stan Chapman Executive Vice-President and President, U.S. and Mexico Natural Gas Pipelines U.S. Natural Gas Pipelines system overview

Broad Own and/or operate diversified national network platform of 13 pipelines that transport ~27% of U.S. average daily demand*

Value of pipe in Existing assets continue to the ground is at a experience record demand despite premium COVID-19 Multiple platforms for future growth, both conventional and transitional Low-risk Long-term, take-or-pay contracts business model predominantly with investment- grade counterparties

Strong fundamentals and resilient assets drive a cleaner energy future

* GTN, Tuscarora, North Baja, Bison, Northern Border and Portland interests, together with 46% of Great Lakes and 49% of Iroquois, are held within TC PipeLines, LP of which TC Energy’s ownership is approximately 25% Strong operational performance in 2020 despite COVID-19

U.S. demand recovered from COVID-19 Pipeline* Contracted capacity impacts with U.S. LNG exports reaching ANR 100% all-time high of ~10 Bcf/d Columbia Gulf 100% GTN 100% U.S. supply decreased ~7 Bcf/d from 2019 all- Millennium 100% time high due to associated gas fundamentals Northern Border 100% exacerbated by COVID-19 demand destruction North Baja 100% PNGTS 100% 2021 NYMEX pricing increased as much as Tuscarora 100% ~US$0.80/MMBtu compared to February Columbia Gas 93% pricing due to lower supply Iroquois 83% Great Lakes 72% U.S. Natural Gas Pipelines average throughput Bison 37% increased 1.5% across our diversified portfolio Crossroads 26% 93% of revenues from long-term, take-or-pay contracts

Source: IHS Markit U.S. Long-Term Natural Gas Outlook, September 2020; TC Energy, 2020 IHS Markit ‐ The use of this content was authorized in advance by IHS Markit. Any further redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved * GTN, Tuscarora, North Baja, Bison, Northern Border and PNGTS interests, together with 46% of Great Lakes and 49% of Iroquois,are held within TC PipeLines, LP of which TC Energy’s ownership is approximately 25% 2020 Accomplishments

Positioned to deliver record EBITDA for the 4th consecutive year

On-track to complete US$1.1 billion Modernization II program and Buckeye XPress Project on-time and on-budget at year-end

Environmental and operational focus reduced methane intensity 14% year-over-year

Filed Columbia Gas Transmission rate case and Modernization III proposal

Building on our success to meet our commitments Fundamentals support natural gas growth

U.S. Demand U.S. Supply Bcf/d Bcf/d

2019 – Actual IHS – 2040 IHS – Feb Forecast EIA – 2040

* Represents gross Canadian pipeline imports to the U.S. Source: IHS Markit, U.S. Long-Term Natural Gas Outlook, September 2020; EIA Annual Energy Outlook, 2020 IHS Markit ‐ The use of this content was authorized in advance by IHS Markit. Any further redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved. Attractive near-term growth

Projects Supply / Demand Capacity Expected Estimated Capital Cost (Bcf/d) In-Service Date (US$Billions) Projects in-service since 2016 7.7 7.9 Buckeye XPress Supply 0.3 Dec 2020 0.2 Grand Chenier XPress Demand 1.1 Apr 2021 0.2 Westbrook XPress1 Demand 0.1 Nov 2021 0.1 GTN XPress1 Mixed 0.3 Nov 2021 0.3 Louisiana XPress Demand 0.8 Feb 2022 0.4 Alberta XPress2 Mixed 0.2 July 2022 0.3 Elwood Power Demand 0.1 July 2022 0.4 Wisconsin Access Demand 0.1 July 2022 0.2 North Baja XPress1,2 Demand 0.5 Nov 2022 0.1 Iroquois3 Demand 0.1 Nov 2023 0.1 East Lateral XPress2 Demand 0.7 May 2024 0.3 Other2 Demand 0.7 Various 0.2 Growth Projects 4.9 2.8 Total Growth Projects 12.6 10.6 Modernization II4 1.1 Recoverable Maintenance Capital5 2.1 Grand Total 13.9

1 Westbrook XPress, North Baja XPress, and GTN XPress are projects on pipelines held within TC PipeLines, LP; 2 Certain projects subject to positive customer FID or Condition Precedent agreements; 3 Iroquois reflects 50% interest and excluded from third quarter 2020 report; 4 US$0.6 billion placed in-service prior to 2020; 5 Maintenance capital for 2020-2022 Rate case optimization

Columbia Gas Transmission Rate Case Litigation Settlement

Q4 2020: Settlement +20 years Since last rate case filing discussions commence

Q2 2021: Testimony by FERC and Intervenors +US$1 billion Of cumulative maintenance capital spend that exceeded depreciation June 2021: Hearing Q2 2021: Settlement commencement agreement and filing

Q3 2021: FERC approval 16.1% Filed return on equity and implementation

November 2021: Initial decision issuance US$3 billion Modernization III program, proposed over seven years Future rate case filing dates

February 1, 2021 Rates effective, subject to refund • Gas Transmission Northwest (GTN) – 2021 • ANR Pipeline (ANR) – 2022 • Great Lakes Gas Transmission – 2022 Well positioned for long-term growth

Optimization and Electrification Like-for-like replacement and furthering the electrification of our fleet

Connectivity Carbon Capture and RNG** Increasing capacity to LNG, Capturing and sequestering existing power generation, and LDCs* emissions through carbon management initiatives

Rate Cases and Modernization Hydrogen Expanding our modernization Leveraging our footprint to programs transition to a cleaner energy future

Conventional Transitional

Resilient growth toward our cleaner energy future

* Local distribution companies (LDCs) ** Renewable natural gas Comparable EBITDA* outlook

US$Billions 16% CAGR

Continuous value creation from our diversified portfolio * Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. Looking ahead

On-time and on-budget Leverage our diversified Culture of continuous project execution portfolio improvement

Consistent EBITDA growth Innovation and new technology New conventional and Safe, reliable delivery of transitional growth essential energy Increased margins on open opportunities capacity Energy security and prosperity

Delivering Maximizing Cultivating

Well positioned to deliver long-term shareholder results Mexico Natural Gas Pipelines system overview

Assets connect Five pipelines transport 25% of Mexico’s abundant, low-cost natural gas U.S. natural gas Portfolio value continues to increase supply to key markets 20% of U.S. natural gas imports supplied by Sur de Texas Natural gas displaces emissions from fuel oil, coal and diesel

Advancing projects Projects critical to the national interest Villa de Reyes in-service expected mid-2021

Underpinnedby 99% of revenue under U.S. dollar long-term contracts take-or-pay contracts with the CFE*

Positioned for long-term, resilient growth

* Comisión Federal de Electricidad (CFE) –Federal Electricity Commission 2020 Accomplishments

Completed construction of Tula East segment and Guadalajara Pipeline Flow Reversal

Amended the Guadalajara transport contract with the CFE

Advanced Villa de Reyes project construction; in-service expected mid-2021

100% asset reliability and zero employee safety incidents in 2020

Natural gas infrastructure improves economic, social and environmental outcomes Long-term demand drives increased U.S. imports

Mexican natural gas demand by sector through 2040 U.S. natural gas imports to Mexico through 2040

Bcf/d U.S. natural gas imports 60% Bcf/d 8 7 2040 5 2030 2019

Natural gas consumption substantially lowers emissions by displacing fuel oil and diesel used by power and industrial plants Low-cost U.S. natural gas will support demand growth and improve air quality Source: IHS Markit, Latin America Long-term Natural Gas Outlook, September 2020 IHS Markit ‐ The use of this content was authorized in advance by IHS Markit. Any further redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved. Completing projects reduces air emissions and promotes in-corridor expansions

Project update Growth opportunities Guadalajara reversal Cross-border projects Displaces LNG supply with Waha natural gas Joint marketing of CFE U.S. capacity to supply growing and new markets Villa de Reyes Pacific LNG exports 94% In-service mid-2021 Link Waha to Asian markets; avoids Panama Canal and reduces transit time Tula Eastern segment complete In-corridor expansions In-service 2 years after consultation or Displace coal, oil and diesel use re-route of the suspended segment L i mited na tural gas supply CFE’s 5GW of new natural gas-fired power plants proximate to assets Innovative engineering and construction measures minimize environmental impacts New market connections New efficient pipeline infrastructure minimizes GHG emissions Extend to regions without access to natural gas

CFE announced power plants; CFE, 2020 Potential LNG export terminals Comparable EBITDA* outlook

US$Billions

14% CAGR

99% of EBITDA underpinned by long-term, take-or-pay contracts

* Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of thispresentation for more information. Looking ahead

Commission Villa de Reyes Connect to power and gas Leverage CFE relationship in mid-2021 users to increase to secure projects utilization Resolve CFE contract Pursue cross-border issues opportunities Promote emissions Operate safely and reliably reductions by displacing Provide cost-effective high-carbon fuels pipeline solutions for LNG exports

Delivering Maximizing Cultivating

TC Energía is Mexico’s energy infrastructure company of choice U.S. and Mexico Natural Gas Pipelines Stan Chapman Executive Vice-President and President, U.S. and Mexico Natural Gas Pipelines Liquids Pipelines Bevin Wirzba Executive Vice-President and President, Liquids Pipelines Liquids Pipelines system overview

Access to 4,900 km (3,000 mi) of ~14 million Bbl/d liquids pipelines of refining capacity Long-term, take-or-pay commercial structures

Keystone Pipeline System Strategic corridor to key ~20% of Western Canadian demand markets crude oil exports ~94% contracted

Intra-Alberta pipelines Crude oil pipeline providing market access for gathering and diluent Alberta production delivery systems

100% contracted or guaranteed return Sustainably delivering supply to key markets North American oil is in the world’s best interest

% proven global oil reserves % aggregated ESG scores

Canada and U.S. Have the highest ESG performance ratings

Third (Canada) and eighth (U.S.) largest proven global oil reserves

Top 10 countries hold 80% of proven global oil reserves

Source: Reserves: BP Statistical Review of World Energy 2019 based on government and published data ESG scores: Aggregated using equal weighting 1/3 for each of World Bank Governance Index, Social Progress Index and Yale Environmental Performance Index 2020 Accomplishments

Safely delivered approximately three billion barrels since inception

Successfully completed the Houston Tank Terminal Expansion project, on time and under budget

Strengthened our commitment to working with Indigenous communities by signing historic partnership agreement with Natural Law Energy

3,100 km of Keystone pipe inspected by end of 2020

Significantly advanced Keystone XL

Committed to growing sustainably while delivering consistent value Sustained demand for Canadian crude oil

Ex-Hardisty throughput utilization* U.S. crude oil inventory Per cent Million Bbl/d

COVID-19 / OPEC+

U.S. crude oil inventory is decreasing, however remains above the five-year average range

*as a percentage of permitted capacity Well-positioned to respond to changing demand Market shift due to COVID-19 and OPEC+ • High utilization of long-haul system sustained through • North American supply and demand fundamentals COVID-19 impact and OPEC+ actions rebalancing • Long-term take-or-pay contracts provide resiliency • Demand expected to recover to 2019 levels by 2022 compared to uncontracted systems Strategically positioned to weather changing market dynamics Canadian production resilient and a key supplier for U.S. Gulf Coast

Canadian oil sands production U.S. Gulf Coast heavy crude oil refinery runs Million Bbl/d Million Bbl/d

COVID-19 / OPEC+

Source: IHS Markit North American Crude Oil Markets Canadian Fundamentals Data – Third Quarter 2020* Source: IHS Markit North American Crude Oil Market Annual Strategic Workbook, 2020*

Production forecast to recover post COVID-19, displacing foreign imports

*IHS Markit - The use of this content was authorized in advance by IHS Markit. Any further redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved. Advancing Keystone XL

Project Labor Five First Nations signed historic U.S./Canada Agreement agreement for equity ownership Final Investment border crossing announced with of up to $1 billion through Decision completed four U.S. unions Natural Law Energy

MARCH JULY SEPTEMBER 2021+

Government of Construction Indigenous and Native Continue to Alberta equity began in Canada American direct sustainably advance investment economic benefit of US$13million;indirect the project through US$33 million to in-service (total as of September 2020)

Keystone XL achieved many significant milestones in 2020 Growth opportunities

The CFE announced 6.5 GW of new gas ASSET UTLIZATION AND fired powerASSET plants UTLIZATION by 2025 with AND 4 within GROWTH TC’sGROWTH corridor1 Developing in-corridor projects Leveraging footprint fully approved by regulator Enhance connectivity to expand market access and • Grand Rapids Phase II maximize re-contracting value • Heartland Pipeline • Keystone Hardisty Terminal

Monitoring selective inorganic growth opportunitiesGreen includingmarketing is a both pipeline and terminalpractice whereby assets Maximizing value of existing assets companies seek to go Enhance throughput and contracted above and beyond volumes with minimal capital or traditional. regulatory hurdles

Existing footprint offers significant value and enhancement opportunities Comparable EBITDA* outlook

$Billions

11% CAGR

EBITDA underpinned by long-term take-or-pay contracts with creditworthy counterparties * Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Looking ahead

Continue safely Enhance existing business by Progress Keystone XL delivering Canadian crude to leveraging strategic footprint construction key refining markets

Delivering Maximizing Executing

Incorporate green generation Further develop innovative Preserve strong relationships to reduce emissions initiatives and technologies with Indigenous communities, stakeholders and landowners Advancing Cultivating Responding

Sustainably fueling quality of life in North America Liquids Pipelines Bevin Wirzba Executive Vice-President and President, Liquids Pipelines Power and Storage Corey Hessen Senior Vice-President, Power & Storage Power and Storage asset overview

Power • Seven power plants, approximately 4,200 MW • Portfolio of low-cost baseload generation • Underpinned by long-term contracts • ~75% emission-less generation Storage • Alberta non-regulated natural gas storage facilities • 118 Bcf of capacity • Approximatelyone-third of the provincial total

Contracted Plant Counterparty Contract expiry capacity (MW) Bruce Power Units 1-8 3,109* IESO Up to 2064 Bécancour 550 Hydro-Québec 2026 Alberta plants 127 various 2022-2027 Grandview 90 Irving Oil 2024 *Our proportionate share of power generation capacity ~95% of generating capacity underpinned by long-term contracts with high-quality counterparties 2020 Accomplishments

Achieved solid financial results through safe and efficient operations

Advanced Bruce Power life extension; Unit 6 MCR project preparation phase completed October 1

Bruce Power continued harvesting Cobalt-60 isotopes to help the fight against COVID-19 and for other medical uses

Successfully divested Ontario natural gas-fired power plants for $2.8 billion

Progressing several growth projects including two clean energy pumped storage facilities

Developing a portfolio of renewable and storage assets

Exiting 2020 poised for continued resiliency and growth Bruce Power overview

• 48.4% ownership interest • 6,400 MW (TC Energy share 3,109 MW) • Provides ~30% of Ontario’s electricity needs • Power sales fully contracted with Ontario IESO through 2064 • Ontario Power Generation responsible for spent fuel and decommissioning liabilities • Life Extension Program is one of Canada’s largest private sector infrastructure projects

Delivering emissions-free, reliable, low-cost nuclear power to Ontario consumers Bruce Power Life Extension Program

Major Component Replacement (MCR) and Asset Management (AM) continues to progress on time and on budget • Unit 6 MCR commenced in January 2020

Unit 6 MCR and AM reflected in ~$79/MWh power price • Future MCR-related price adjustments to occur from 2022 to 2030

Expected investment • $2.4 billion* for 2020 through 2023 • $5.8 billion** for the remaining Life Extension Program through to 2055

Major Component Replacement Planned Outage Schedule 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unit 6 Unit 3 Unit 4 Unit 5 Unit 7 Unit 8 *TC Energy’s share in nominal dollars **TC Energy’s share in 2018 dollars Bruce Power innovations

A leading supplier of medical isotopes • Cobalt-60 helps to sterilize 40% of the world’s medical devices and treat complex forms of cancer • Partnership established with the Saugeen Ojibway Nation to jointly market isotopes and create new economic opportunities within their territory

Exploring small modular nuclear reactor technology • Agreement with Westinghouse to pursue applications of their micro reactor

Evaluating opportunities for mass production of hydrogen using nuclear technology

Contributing in communities and exploring energy transition technologies Power market fundamentals – capacity mix for North America

• Natural gas, solar and wind continue to displace coal

• Demand for energy storage increases

• Economic growth, demographics, electrification, energy efficiency and distributed energy resources all impact grid demand

*Includes bioenergy, geothermal and other Electricity grid shifting to lower carbon-emission intensity

Source: International Energy Agency (2020), World Energy Outlook 2020, IEA, Paris; Stated Policies Scenario Power and Storage growth opportunities

Current business Technology today Transformative future technology

Renewables: leveraging our footprint and competitive strengths Bruce Power

Firming resources: pumped hydro and battery energy storage to manage growing intermittency Canadian Power (Cogeneration) Investment in regulated electric infrastructure: grid modernization and renewable integration

Gas Storage Hydrogen: green and blue hydrogen for blending in power and Other generation and storage

Nuclear: leverage Bruce Power expertise to develop Renewables small modular reactors

Capturing opportunities in our core markets that capitalize on the transition to a less carbon-intensive energy mix Pumped hydro storage projects

75 MW Canyon Creek pumped hydro energy storage Ontario pumped hydro energy benefits: ($0.2 billion)

490,000 tonnes = 150,000 cars per year reduction in taken off of the road greenhouse gas emissions

1,000 MW Ontario pumped hydro energy storage $250 million savings ($3.3 billion) per year by Ontario ratepayers Pumped Storage

65% of total capital costs 800 jobs captured locally, or during development close to $2 billion and construction

Growth in intermittent renewable generation drives a need for long-duration storage Electrification of our operations

Exploring opportunities to electrify our energy consumption

• Select electrification of pipeline compression

• Source renewable electricity for existing loads

Enhancing sustainability across our systems Comparable EBITDA* outlook

$Billions

Bruce Power MCR: Unit 6 offline 2020-2023

6% CAGR

Sale of assets** Solid base with long-term future growth in earnings

*Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. **U.S. NE Power generation assets sold in Q2, 2017; Ontario solar portfolio sold in Q4, 2017; Cartier Wind sold in Q4, 2018; Coolidge sold in Q2, 2019; Ontario natural gas-fired power plants sold in Q2, 2020 Looking ahead

Operate safely and reliably Five additional Bruce Power Exploring low-risk North MCRs under development American investment Optimize operations opportunities

Complete Bruce Power Pumped storage projects Increase fuel and Unit 6 MCR technology diversity

Select electrification of pipeline compression Developing a portfolio of renewable and storage assets Green electricity for TC Energy’s existing operations Executing Advancing Cultivating

Positioned for continued disciplined growth Power and Storage Corey Hessen Senior Vice-President, Power & Storage Finance Don Marchand Executive Vice-President, Strategy & Corporate Development and Chief Financial Officer Core principles

Adherence to Long-term view grounded in established, conservative risk Simple model and fundamentals preferences corporate structure Footprint is irreplaceable Assets are resilient and earn Business is understandable appropriate returns

Capital allocation balances Financial strength and flexibility Candid, useful disclosure meets sustainable dividend growth and at all points of the economic needs of stakeholders reinvestment cycle Financial and ESG Focus on per share metrics Top credit in our sector

Proven and enduring tenets Business model validated through a myriad of events and cycles over multiple decades ESG is a long-standing strength and priority

ESG a modern moniker for how we have historically run our business • Reputation is sacrosanct – tremendous breadth and diversity of stakeholders

Sixty-plus year legacy of integrity, safety, reliability and accomplishment • World-class capabilities in developing, constructing and operating critical energy infrastructure • Zero incentive to strive for anything less than best-in-class • Few entities operate under a higher level of regulation and scrutiny

Walking the talk • We are listening – substantive interaction with the investment community • Improving disclosure, transparencyand responsiveness to stakeholder needs including further alignment with TCFD and SASB* • Commitments support UN Sustainable Development Goals

What we do is imperative to North American life, industry and institutions *Task Force on Climate-related Financial Disclosures and Sustainability Accounting Standards Board 2020 Accomplishments

$Billions 2020 Funding program complete Largely unimpacted asset utilization and performance of counterparties underscore criticality of our services

Debt issuances, Debt Fulfilling our obligations to people, communities, suppliers commercial paper maturities and governments on a full and timely basis & other Enhanced liquidity by ~$11 billion at onset of pandemic Dividends Ontario natural and other gas-fired power plants and Coastal Senior debt issuances of $2.0 billion and US$1.25 billion GasLink proceeds on compelling terms KXL GoA contribution Closed sale of Ontario natural gas-fired power plants Capital along with Coastal GasLink joint venture and project program financing transactions for total proceeds of $4.9 billion Funds generated from operations US$1.1 billion Government of Alberta equity contribution underpins 2020 Keystone XL construction

First Nations ownership introduced to Keystone XL Prudence of financial policies and strength of business once again proven through unprecedented disruption to energy and capital markets Diversified portfolio of critical energy infrastructure 2020E Comparable EBITDA*

Power & Storage Canadian Natural Gas Pipelines • Bruce fully contracted to 2064 • Full cost of service under CER regulation • Merchant Alberta power and gas storage assets represent • Five- and six-year settlements approved for NGTL ~2 per cent of EBITDA System and Canadian Mainline, respectively

Liquids Pipelines • Long-term contracts with blue-chip shipper base connect 50+ year reserves to top-tier refining complexes • Merchant capacity and liquids marketing represents low ~$9.3 single-digit percentage of EBITDA billion*

Mexico Natural Gas Pipelines U.S. Natural Gas Pipelines • Long-term take-or-pay contracts with CFE • Portfolio of 13 pipelines connecting denominated in U.S. dollars advantaged basins to premium markets • All FERC-regulated

~95% of EBITDA from regulated or long-term contracted annuity streams *Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. 2020E represents consensus estimate values. Financial risks and levers

Counterparty • Diverse and heavily investment-grade consolidated portfolio; monitoring certain WCSB and Appalachian producer exposures • Mitigated by mix of regulation, value of transport, high contract utilization, improving price curves and access to capital, industry consolidation, company-specific credit-supportive actions as well as substantial collateral held

Interest Rates • Debt portfolio ~95 per cent fixed rate; average term of 22 years to final maturity • Regulatory and commercial arrangements mitigate impact of rate movements

Foreign Exchange • U.S. dollar assets and income streams partially hedged with U.S. dollar debt and associated interest expense • Structurally long ~US$2.0 billion per annum after-tax income; actively hedge residual exposure over rolling 24-month horizon

Income Taxes • Expected effective income tax rate in mid-to-high teens – excludes Canadian Natural Gas Pipelines regulated income as well as equity AFUDC in the U.S. and Mexico • Split between current and deferred oscillates in 40 to 60 per cent band

Depreciation • On average represents ~2.5 per cent of gross property, plant and equipment per annum • Lever to manage return of capital based on expected economic life of assets Long history of effectively managing financial risks Advancing $37 billion secured capital program through 2023

Estimated Invested to Expected Project Secured capital program Capital Cost* Date* In-Service Date* universally backed by NGTL System 3.3 3.3 2020 high-quality, long-duration Modernization II US 1.1 US 1.1 2020 contractual or regulated revenue streams NGTL System 1.7 0.8 2021 Villa de Reyes US 0.9 US 0.8 2021 NGTL System 2.5 0.1 2022 Other Liquids Pipelines 0.1 - 2022 Canadian Natural Gas Pipelines Regulated Maintenance 2.1 0.4 2020-2022 U.S. Natural Gas Pipelines Regulated Maintenance US 2.1 US 0.6 2020-2022 Liquids Pipelines Recoverable Maintenance 0.1 - 2020-2022 Non-recoverable Maintenance 0.7 0.1 2020-2022 Coastal GasLink** 0.2 0.2 2023 Keystone XL*** US 9.1 US 1.7 2023 Other U.S. Natural Gas Pipelines US 2.0 US 0.6 2020-2023 Canadian Mainline 0.4 0.2 2020-2023 Bruce Power Life Extension 2.4 1.1 2020-2023 NGTL System 2.4 0.1 2023+ Tula US 0.8 US 0.6 - Capacity Open Season re-affirmed Foreign exchange impact (1.33 exchange rate) 5.3 1.8 - customer commitments underpinning Total Canadian Equivalent 37.2 13.5 $9+ billion of NGTL System expansion

On-track to bring ~$5 billion of projects into service in 2020

* Billions of dollars. Certain projects are subject to various conditions including corporate and regulatory approvals. ** On May 22, 2020, we sold a 65 per cent equity interest in Coastal GasLink and began to account for our remaining 35 per cent investment using equity accounting. For more information please see the most recent quarterly report. *** US$5.3 billion will be funded through equity contributions and debt guaranteed by the Government of Alberta. Capital expenditure outlook 2021-2023

$Billions 13.8 • Secured growth portfolio • Maintenance capital • ~90% has opportunity to earn a return on and of capital through current and future tolls 8.5 • Capitalized interest and debt AFUDC 5.4 • Liquids Pipelines capital spending largely reflects Keystone XL • Coastal GasLink equity accounted subsequent to partial sale

$28 billion to be invested over the next three years Funding program outlook 2021-2023

$Billions KXL funding • Target top credit in sector Debt maturities DRP Commercial Hybrid paper, • Robust liquidity underpinned by: cash on hand GoA guaranteed • Resilient and growing cash flow Dividends, and other Senior debt project-level debt • $10+ billion of committed distributions credit lines and other Refinance maturities • Well-supported commercial paper programs in Canada and the U.S. Incremental issuance • Funding for Keystone XL and Coastal KXL capital GasLink substantially in-place spending • Advancing First Nations equity participation in both

Funds • Investment and associated financing generated from decisions focused on per share metrics Capital operations program • Track record of successfully recycling capital and sourcing innovative funding as alternatives to share count growth

Uses Sources Funding program very manageable Financing of Keystone XL and Coastal GasLink substantially in place Comparable EBITDA* outlook 2015-2024E

$Billions

12+ 7% Power & Storage CAGR 2024+

Canadian Natural Gas Pipelines

EBITDA continues to grow in terms of both quantum and quality *Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. Stability and longevity of core asset base

Comparable EBITDA* ($Billions) $10+ billion supplemented by US$1.3 billion of KXL contracted EBITDA • Completion of $37 billion secured growth program • Predominately recoverable maintenance capital • Normal course re-contracting • Minimal contribution from merchant exposures Incremental growth drivers • Irreplaceable footprint • Proven origination abilities • Tremendous suite of opportunities within risk preferences and organizational capabilities • Enduring financial strength

Highly visible $100+ billion of EBITDA through balance of the decade *Comparable EBITDA is a non-GAAP measure. See the forward looking information and non-GAAP measures slide at the front of this presentation for more information. Vast opportunity set the backdrop for continued disciplined growth

Unparalleled demand for infrastructure under all energy mix scenarios Today’s needs Low-carbon future

program Recoverable Firming resources Emerging maintenance capital including pumped storage technologies*

• Legacy of strategic inorganic growth with effective integration, but never budgeted for

In-line with historical payout metrics supported by expected growth in earnings and cash flow Historic yields

5.8% 4.6%

2.3%

1.0%

1.4% 0.8%

Dividend highly attractive in historic low interest environment that is expected to persist Source: FactSet data from January 1, 2016 to November 10, 2020 Value proposition

Financial strength and Strong base of visible Simple, understandable and adherence to risk long-life, low-variability proven model with preferences again exhibited earnings streams irreplaceable asset footprint through extreme market disruption

Opportunity set vast and Proven ability to thrive under Dividend poised for aligned with deep myriad of energy mix continued growth in organizational capabilities scenarios low-rate environment

A highly capable, responsible and successful company essential to North American life and prosperity for decades to come Finance Don Marchand Executive Vice-President, Strategy & Corporate Development and Chief Financial Officer Closing Remarks Russ Girling, President and Chief Executive Officer François Poirier, Chief Operating Officer and President, Power & Storage Key takeaways

Leading North American energy infrastructure company • $100 billion of critical assets provide a strong competitive advantage Proven strategy underpinned by low-risk business model • ~95% of comparable EBITDA from regulated or long-term contracted assets Visibility to significant long-term growth • $37 billion secured capital program advancing today • Substantial development portfolio provides line of sight to future growth Dividend poised to grow • 8 – 10 per cent increase anticipated in 2021; 5 – 7 per cent thereafter • Builds on 20 consecutive years of dividend increases Financial strength and flexibility • Consistent approach to capital allocation • Well positioned to fund future capital programs

TC Energy is well positioned to prosper as the energy landscape evolves Appendix - Reconciliation of non-GAAP Measures Appendix – Reconciliation of non-GAAP measures (millions of dollars)

Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019

Comparable EBITDA(1) 2,294 2,344 7,028 7,051 Depreciation and amortization (673) (610) (1,938) (1,839) Interest expense (559) (573) (1,698) (1,747) Allowance for funds used during construction 91 120 254 358 Interest income and other included in comparable earnings 32 49 87 85 Income tax expense included in comparable earnings (184) (260) (520) (687) Net income attributable to non-controlling interests (69) (59) (228) (217) Preferred share dividends (39) (41) (120) (123) Comparable Earnings(1) 893 970 2,865 2,881 Specific items (net of tax): Gain on partial sale of Coastal GasLink (6) - 402 - Income tax valuation allowance release - - 281 - Loss on sale of Ontario natural gas-fired power plants (45) (133) (202) (133) Loss on sale of Columbia Midstream assets - (133) - (133) Gain on partial sale of Northern Courier - 115 - 115 Gain on sale of Coolidge generating station - - - 54 Alberta corporate income tax rate reduction - - - 32 U.S. Northeast power marketing contracts - - - (6) Risk management activities 62 (80) (13) 58 Net Income Attributable to Common Shares 904 739 3,333 2,868

(1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the non-GAAP measures slide at the front of this presentation for more information. Appendix – Reconciliation of non-GAAP measures continued (millions of dollars)

Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019

Net Cash Provided by Operations 1,783 1,585 5,119 5,256 (Decrease)/increase in operating working capital (120) (140) 187 (329) Funds Generated from Operations(1) 1,663 1,445 5,306 4,927 Specific items: Current income tax expense on sale of Columbia Midstream assets - 357 - 357 U.S. Northeast power marketing contracts - - - 8 Comparable Funds Generated from Operations(1) 1,663 1,802 5,306 5,292

(1) Funds generated from operations and comparable funds generated from operations are non-GAAP measures. See the non-GAAP measures slide at the front of this presentation for more information.